GST Update
The center to discuss GST overhaul after presenting budget 2020-21
December 31, 2019
GST Compliance
Tax officers to discuss ways to boost compliance and plug leakages
January 3, 2020

GST revenue mop-up crosses ₹1 Lakh Crore mark in December

GST Revenue December

Source: Business Today

After contracting for two consecutive months in September and October, Goods and Services Tax (GST) revenue mop-up in December crossed the ₹1 Lakh Crore mark, growing 8.9% on a year-on-year basis. The GST revenue in November too had topped ₹1 Lakh Crore, but revenue figures of December were keenly watched since the November collections were largely attributed to higher festive sales.

The GST collection in December still fell short of the target set by the finance ministry of ₹1.1 trillion for the last four months of the current financial year. However, the latest figures indicate the stabilization of revenue collection, thanks to anti-evasion measures taken by the government. The average GST revenue for the first nine months of this fiscal, April-December, stands at ₹1,00,928 Crore, 4.3% higher than the average of ₹96,782 Crore in the same period in 2018-19.

CGST, SGST & IGST Collection in December

In December, the mop-up stood at ₹1.031 Lakh Crore, marginally lower than the seven-month high of ₹1.034 Lakh Crore collected in November. Of the gross GST revenue of ₹1.031 Lakh Crore collected last month, CGST is ₹19,962 Crore, SGST is ₹26,792 Crore, IGST is ₹48,099 Crore (including ₹21,295 Crore collected on imports) and Cess is ₹8,331 Crore (including ₹847 Crore collected on imports).

The total of 81.21 Lakh GSTR 3B returns (monthly summary returns) were filed for the month of November up to 31st December 2019, 4.3% more than 77.83 Lakh in November. GST collection on domestic transactions showed an impressive growth of 16% over the revenue during the month of December 2018, highest during the year. GST collection on imports continued to witness a negative growth of 10%, as against a fall of 13% in November and 20% in the month of October, indicating persistent weakness in domestic demand and production.

Sunil Dutt
Sunil Dutt
Sunil Dutt Sharma is an MBA in finance with over 20 years of experience in taxation, accounts, and finance consulting. He leads the functional consulting team at HostBooks. As a Functional Consultant Head, he helps the software development team incorporate accounting principles, taxation, and other laws in the compliance software. Previously he worked as a Taxation Manager at Taxmann Technologies Pvt. Ltd. for over 10 years and has also served as Accounts and Finance Manager for over 9 years. He excels in all the facets of accounts, finance, and taxation consulting, especially direct tax laws.

Leave a Reply

Your email address will not be published. Required fields are marked *

5 + 5 =


Try HostBooks
SuperApp Today

Create a free account to get access and start
creating something amazing right now!

gsp-stamp gsp-stamp safe-to-host